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RBZ through bureau de change to start selling forex, however a high probability of arbitrage in the future is inevitable

Earlier last week RBZ tweeted a press statement about the issue of improving the access of forex formally to the small-scale enterprises. This will make it easier for the small-scale enterprises in better bookkeeping and legal issues involved with the black market. Though it will be difficult if the parallel market rate is different from the official however this is highly going to be the case. It is going to be difficult for one to ignore buying forex at the interbank rate which currently sits at ZW$84.48 for a single unit of the US Dollar to sell on the parallel market where the rate is higher currently around ZW$125. However, the question arises what kind of monitoring system will the Reserve bank put in place.

RBZ PRESS STATEMENT:

ENHANCEMENT OF ACCESS TO FOREIGN EXCHANGE BY SMALL-SCALE

Pursuant to the resolution of the Monetary Policy Committee directing bureaux de change to actively participate in the foreign exchange market to meet the foreign currency needs of small-scale enterprises and individuals, the Bank shall, with effect from 21 April 2021, sell foreign currency to registered bureaux de change for on-selling to their customers.

The bureaux de change must comply with the agreed terms of engagement which include supporting small transactions up to a maximum value of US$500 per transaction. All transactions by participating bureaux de change will be monitored through the Bureau de Change Transaction Reporting System put in place by the Bank.

This arrangement is expected to improve the efficacy of the foreign exchange market in the country and enhance the accessibility of foreign currency by the small-scale enterprises and Individuals through formal channels

 John. P. Mangudya

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